Leaders Index 2-23-26

The market sold off today, seemingly on the new tariff news. The major averages opened lower and mostly sold off from there. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX lost 1.13% and 1.21% respectively. The SPX declined 1.04%. Volume was higher across the board, producing new distribution days on all the major averages. Leading stocks were mostly higher on the day. The leaders index gained .80% on the session. The index closed in about the middle of its trading range on lower and below average volume. This is a new high for the leader’s index on both a price and a relative strength basis. The market reacted badly to new tariff announcements over the weekend. The selling was pretty strong and all the major averages closed weak. The SPX broke back below its 50dma after regaining it on Friday. There was more distribution today and the overall count is high. It looks like there will be a bit more weakness in the near term, but there is some encouraging news. The weekly Coppock is about to go below zero and be set up for a signal. The postings are close together so it would not take much to turn it. If there is a follow through and the weekly Coppock were to turn up, that would be very positive. Jerry